EMEQ vs. BNO
EMEQ (Nomura Focused Emerging Markets Equity ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - EMEQ is a Emerging Markets Diversified fund actively managed by Nomura, while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. EMEQ is actively managed, while BNO is passively managed. Over the past year, EMEQ returned 154.82% vs 88.71% for BNO. At a correlation of -0.05, they often move in opposite directions. EMEQ charges 0.86%/yr vs 0.90%/yr for BNO.
Performance
EMEQ vs. BNO - Performance Comparison
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Returns By Period
In the year-to-date period, EMEQ achieves a 74.89% return, which is significantly lower than BNO's 85.31% return.
EMEQ
- 1D
- -1.80%
- 1M
- 16.61%
- YTD
- 74.89%
- 6M
- 86.91%
- 1Y
- 154.82%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BNO
- 1D
- -2.71%
- 1M
- -9.80%
- YTD
- 85.31%
- 6M
- 79.66%
- 1Y
- 88.71%
- 3Y*
- 26.74%
- 5Y*
- 23.48%
- 10Y*
- 13.13%
EMEQ vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
EMEQ Nomura Focused Emerging Markets Equity ETF | 74.89% | 69.78% | -1.16% |
BNO United States Brent Oil Fund LP | 85.31% | -5.44% | 5.79% |
Correlation
The correlation between EMEQ and BNO is -0.25, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.25 |
Correlation (All Time) Calculated using the full available price history since Sep 6, 2024 | -0.05 |
Over the past year, the inverse relationship between EMEQ and BNO has strengthened: their correlation has moved from -0.05 to -0.25, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
EMEQ vs. BNO — Risk / Return Rank
EMEQ
BNO
EMEQ vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nomura Focused Emerging Markets Equity ETF (EMEQ) and United States Brent Oil Fund LP (BNO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| EMEQ | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.71 | ||
| Sortino ratioReturn per unit of downside risk | +2.35 | ||
| Omega ratioGain probability vs. loss probability | 1.71 | 1.36 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 8.70 | 4.99 | +3.71 |
| Martin ratioReturn relative to average drawdown | 34.77 | 9.39 | +25.38 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EMEQ | BNO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.85 | 2.15 | +2.71 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.67 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.36 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.87 | 0.14 | +2.74 |
Drawdowns
EMEQ vs. BNO - Drawdown Comparison
The maximum EMEQ drawdown since its inception was -19.99%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for EMEQ and BNO.
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Drawdown Indicators
| EMEQ | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.99% | -87.06% | +67.07% |
Max Drawdown (1Y)Largest decline over 1 year | -17.91% | -17.87% | -0.04% |
Max Drawdown (3Y)Largest decline over 3 years | — | -23.75% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -3.05% | -12.72% | +9.67% |
Average DrawdownAverage peak-to-trough decline | -3.97% | -40.16% | +36.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.47% | 9.48% | -5.01% |
Volatility
EMEQ vs. BNO - Volatility Comparison
Nomura Focused Emerging Markets Equity ETF (EMEQ) has a higher volatility of 15.07% compared to United States Brent Oil Fund LP (BNO) at 14.12%. This indicates that EMEQ's price experiences larger fluctuations and is considered to be riskier than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMEQ | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.07% | 14.12% | +0.95% |
Volatility (6M)Calculated over the trailing 6-month period | 28.60% | 36.21% | -7.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.17% | 41.56% | -9.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.97% | 35.40% | -5.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.97% | 36.69% | -6.72% |
EMEQ vs. BNO - Expense Ratio Comparison
EMEQ has a 0.86% expense ratio, which is lower than BNO's 0.90% expense ratio.
Dividends
EMEQ vs. BNO - Dividend Comparison
EMEQ's dividend yield for the trailing twelve months is around 1.58%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% |
EMEQ Nomura Focused Emerging Markets Equity ETF | 1.58% | 2.76% | 0.84% |
Frequently Asked Questions
EMEQ and BNO have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMEQ has higher volatility (15.07%) compared to BNO (14.12%). In terms of maximum drawdown, EMEQ dropped -19.99% vs BNO's -87.06%.
On 1-year performance, EMEQ leads with 154.82% vs 88.71% for BNO. On fees, EMEQ is cheaper at 0.86% per year. On volatility, BNO has been the lower-risk option at 14.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, EMEQ has performed better with a 154.82% return vs 88.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMEQ is cheaper with a 0.86% expense ratio, compared with 0.90% for BNO.
EMEQ has the higher dividend yield at 1.58%, compared with 0.00% for BNO.
EMEQ is categorized as Emerging Markets Diversified, while BNO is Oil & Gas. They also come from different issuers: Nomura and Concierge Technologies. Their fees differ too: 0.86% for EMEQ and 0.90% for BNO.
EMEQ currently has the higher Sharpe Ratio (4.85 vs 2.15), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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